Question

In 2007, the population of Ecuador was estimated at

13.8 million, with an annual growth rate of 1.6%. If this
rate continues, estimate when the population will reach
15 million.

Answer 1

In 2012 , the population will be 15 million

Explanation:

We start by setting up an exponential equation that defines the increase

P(t) = I(1 + r)^t

P(t) represents the present population = 15 million

I is the population in 2007 which is 13.8 million

r is 1.6% = 0.016

t is what we want to calculate

15 million = 13.8 million (1 + 0.016)^t

15/13.8 = (1.016)^t

1.09 = (1.016)^t

ln 1.09 = t ln 1.016

t = ln 1.09/ln 1.016

t = 5.429 which is approximately 5

So in 2007 + 5 = 2012, the population will be 15 million